Rates from Bankrate.com

US April New Home Sales Up 6.4% to 433,000

WASHINGTON (MNI) - The pace of new single-family home sales bounced back in April, rising 6.4% to a 433,000 seasonally adjusted annual rate, the U.S. Census Bureau said in a report Friday.

The median forecast of economists surveyed by MNI was for the pace of new home sales to rise to a 425,000 annual rate, which would have been an increase of 41,000 from the previously reported 384,000 rate. March was revised up to 407,000 and February was revised down 437,000 from 449,000.

The increase in sales was led by a 47.4% surge in sales in the Midwest to a 82,000 sales pace, the fastest since November 2007. Sales in the South rose 3.1% to 235,000 and sales in the West were unchanged. Sales in the Northeast fell 26.7% to 22,000.

The median new home price fell to $275,800 from $281,700, and the average home price fell to $320,100 from $326,700.

The number of homes available for sale ticked up to 192,000 in April from 191,000 in March and the months supply fell to 5.3 months from 5.6 months in March.

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